Annual inflation rate in Canada slowed to 0.7% in December of 2020 from 1% in November, which was the highest since February of 2020. Figures came below forecasts of 1%, mainly due to lower air transportation prices (-14.5%) amid falling demand. Also, food inflation slowed to 1.1%, the lowest reading since May of 2018, amid favourable weather conditions in growing regions in the United States and Mexico which contributed to the increased supply of fresh fruit and vegetables. On the other hand, upward pressure came from higher shelter prices (1.6%). Excluding gasoline, inflation was 1%, down from 1.3% in November. source: Statistics Canada

Inflation Rate in Canada averaged 3.10 percent from 1915 until 2020, reaching an all time high of 21.60 percent in June of 1920 and a record low of -17.80 percent in June of 1921. This page provides - Canada Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.

Inflation Rate in Canada is expected to be 0.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Canada to stand at 1.60 in 12 months time. In the long-term, the Canada Inflation Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.

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Canada Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.70 1.00 21.60 -17.80 1915 - 2020 percent Monthly
2002=100


Calendar GMT Actual Previous Consensus TEForecast
2020-10-21 12:30 PM Sep 0.5% 0.1% 0.4% 0.3%
2020-11-18 01:30 PM Oct 0.7% 0.5% 0.4% 0.3%
2020-12-16 01:30 PM Nov 1% 0.7% 0.8% 0.8%
2021-01-20 01:30 PM Dec 0.7% 1% 1% 1%
2021-02-17 01:30 PM Jan 0.7%
2021-03-17 12:30 PM Feb
2021-04-21 12:30 PM Mar
2021-05-19 12:30 PM Apr


News Stream
Canada Inflation Rate Unexpectedly Eases to 0.7%
Annual inflation rate in Canada slowed to 0.7% in December of 2020 from 1% in November, which was the highest since February of 2020. Figures came below forecasts of 1%, mainly due to lower air transportation prices (-14.5%) amid falling demand. Also, food inflation slowed to 1.1%, the lowest reading since May of 2018, amid favourable weather conditions in growing regions in the United States and Mexico which contributed to the increased supply of fresh fruit and vegetables. On the other hand, upward pressure came from higher shelter prices (1.6%). Excluding gasoline, inflation was 1%, down from 1.3% in November.
2021-01-20
Canada Inflation Rate Hits 9-Month High
Canada's consumer price inflation rate picked up to 1.0 percent year-on-year in November 2020, the highest since last February and above market expectations of 0.8 percent. Upward pressure came from shelter (1.9 percent vs 1.8 percent) due to rent prices, food (1.9 percent vs 2.3 percent), household operations, furnishings and equipment (0.6 percent vs 0.4 percent), and recreation, education and reading (1.0 percent vs -1.3 percent). On the other hand, transportation cost declined 0.1 percent for a second straight month, due to an 11.9 percent slump in gasoline prices amid subdued domestic and international demand. Excluding gasoline, the CPI rose 1.3 percent in November, up from a 1.0 percent increase in October. On a monthly basis, consumer prices edged up 0.1 percent in November, easing from a 0.4 percent gain in October and compared with market expectations of a flat reading.
2020-12-16
Canada October Inflation Rate Unexpectedly Rises to 0.7%
The annual inflation rate in Canada rose to 0.7 percent in October 2020 from 0.5 percent in the previous month and above market expectations of 0.4 percent. Still, inflation remains well below 2.2 percent in February, before the coronavirus pandemic. Prices advanced further for food (2.3% vs 1.6% in September), namely fresh vegetables (+9.5 percent); shelter (1.8% vs 1.7%); health & personal care (1.8% vs 1.6%); and household operations, furnishings and equipment (0.4% vs 0.3%). Also, inflation was steady for alcoholic beverages, tobacco products & recreational cannabis (at 0.7%) while cost of clothing & footwear fell less (-4% vs -4.1%). In contrast, cost of transport dropped (-0.1% vs 0.1%); and prices of recreation, education & reading declined at a faster pace (-1.3% vs -1.2%). On a monthly basis, consumer prices went up 0.4 percent, rebounding from a 0.1 percent fall in the prior month and above forecasts of a 0.2 percent gain.
2020-11-18
Canada Inflation Rate Rises More than Expected
The annual inflation rate in Canada rose to 0.5 percent in September 2020 from 0.1 percent in the previous month and above market expectations of 0.4 percent. Still, inflation remains well below 2.2 percent in February, before the coronavirus pandemic. Cost of transport rebounded (0.1% vs -1.3% in August), and prices increased further for shelter (1.7 % vs 1.5%); health & personal care (1.6% vs 1.4%); and alcoholic beverages, tobacco products & recreational cannabis (0.7% vs 0.4%). In addition, cost of recreation, education & reading fell less (-1.2% vs -3.1%). On the other hand, prices eased for food (1.6% vs 1.8%); and household operations, furnishings and equipment (0.3% vs 0.4%). Also, cost of clothing & footwear dropped at a faster pace (-4.1% vs -1.3%), as demand for back-to-school clothing was impacted by factors related to COVID-19. On a monthly basis, consumer prices declined 0.1 percent, the same as in the prior month and matching forecasts.
2020-10-21

Canada Inflation Rate
In Canada, the most important categories in the CPI basket are Shelter (27.5 percent of the total weight) and Transportation (19.3 percent). Food accounts for 16.1 percent; Household Operations, Furnishings and Equipment for 11.8 percent; Recreation, Education and Reading for 11.8 percent; Clothing and Footwear for 5.7 percent; Health and Personal Care for 5 percent; Alcoholic Beverages and Tobacco Products for the remaining 3 percent. The CPI basket is reviewed every four years on the basis of household surveys. The current weights are based on spending patterns in 2009.